Credit cards have seen large-scale growth in the last decade. Card issuance has grown significantly in India at a CAGR of 20% in the last 4 years as of August 2021 and the number of credit card holders increased from 29 million in March 2017 to 62 million in March 2021. Yet, poor credit scores and low salaries often make it tough for young adults to get cards. High loan balance, too many credit inquiries, or job inconsistency are other reasons why a credit card request can be denied. This is when fintech digital cards can come in handy.
LazyCard by LazyPay is a revolutionary product that already has 6 crore, eligible users. It is issued by India’s top BNPL player LazyPay which works with the tagline, ‘The Credit You Deserve’. It is an excellent alternative to credit cards and offers 99.5% acceptance all over India in partnership with RBI-approved SBM Bank and VISA. There are no hidden annual fees. It is a lifetime-free card with low-interest rates. Look at why it can be a great option when you are not eligible for a credit card and otherwise.
Digital Credit Card Eligibility
An online credit card is a virtual entity that allows credit-based transactions. The LazyCard by LazyPay is easily given to existing credit card users above the age of 18 years as an add-on feature. Make sure you have updated KYC documents to be able to qualify. It mimics the features of a credit card to provide users with the means to carry out financial transactions without worrying about their current account balance. There are no fees or charges involved with applying for the card which makes it all the more convenient for cash-strapped borrowers.
Why is LazyCard by LazyPay a Better Option than Credit Cards?
The pandemic highlighted how opting for this robust digital product rather than a traditional credit card has a plethora of benefits. For instance, job losses and salary cuts pushed people to turn to tools like credit cards. Yet high eligibility standards left potential borrowers from applying for the product and taking advantage of the same. Here’s a look at how this virtual card could be a better option for you for an informed choice.
- LazyCard by LazyPay ensures complete transparency. There are no joining or annual maintenance charges here which are significantly high for credit cards. This makes it much more affordable than credit cards, especially for low-income groups.
- Credit cards have a difficult application process since buyers need a good existing credit card history to be able to get the card. It is quite time-consuming since banks request documents like salary slips, home ownership/rental documents, payment history, and utility bills.
- Credit cards offer plenty of rewards and points. But these are not easy to redeem. For instance, you need to have covered a specific trip to get travel benefits. Credit card companies also make these rewards quite confusing for the non-expert. Further, you will have to log into the bank’s website and redeem that cashback as a credit on your statement which makes the whole procedure quite tedious.
- Credit cards have countless rules and regulations that are hard to remember. Not being able to follow them can attract high penal charges. LazyCard by LazyPay is lenient and user-friendly. You can directly talk to the banking partner (SBM Bank India Limited) about any concerns or grievances regarding the card. They make sure all your queries are addressed for a seamless experience.
The LazyCard by LazyPay bill is generated on the 1st of every month. Make sure to clear it at least by the 3rd of the same month to avoid late fees and a dip in your credit score.
LazyCard by LazyPay Usage
With this digital card, you can shop for a vast range of goods and services across multiple merchants in different segments. Shopping online becomes even faster and smoother with this card. You don’t need to carry a physical card to shop offline. Yes, you can use it in brick-and-mortar stores as well.
Additionally, you get to enjoy an array of attractive cashback benefits with each transaction. For instance, you can get ₹500 cashback on your first transaction and up to 5% cash back on every purchase. Get attractive discount coupons and travel miles as well which ensure an excellent shopping experience. The card has widespread acceptance in both online and offline stores across India.
LazyCard is digitally linked to the LazyPay app which can be downloaded from the Apple Store or Google Play Store. You can know your credit score on the app with the free credit score checking feature and keep a track of the changes in your CIBIL score. It helps you improve your rating over time and boost your eligibility for obtaining a digital card.